Sunday, November 1, 2015

Good News #8: employee owned grocery chain

 Who knew?   I've been a regular customer at my neighborhood Publix supermarket for many years.    But I just learned a new reason to support them with my business.

Publix Super Markets, Inc., which ranks #102 on the Fortune 500 list of corporations, is owned by its employees through an Employee Stock Ownership Plan.  From CEO to bag boys, everyone who works there becomes an owner of shares in the company.

The CEO and the board are directly responsible to the people who work for the company, not to anonymous stockholders who are only concerned about share prices and profit.

I call this good news -- a small step toward returning our economy to the people and their interests, instead of the investors in abstractions like credit default swaps and hedge funds.  It's not socialism, but it is much closer in spirit to Bernie Sanders' democratic socialism than anything the Republicans might dream up as a way to enrich their billionaire benefactors.

Ralph

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